Credit Cards

SCB Unlimited Cashback Credit Card – MoneySmart Review 2018

SCB Unlimited Cashback Credit Card

Joanne Poh



There are so many credit cards out there claiming to offer the best cashback rates in town, but nobody ever became a millionaire because of cash rebates.

Most of the time, you’ll find there’s a cap to how much cashback you can receive, and most cards also require that you fulfil their minimum spending requirements before they’ll grudgingly hand over the rebates.

The SCB Unlimited Cashback Credit Card promises you won’t have to suffer any of these two scenarios, cos they’re doling out unlimited cashback with no minimum monthly spending requirement.

Is this too good to be true? Let’s find out:

Standard Chartered Unlimited Cashback Credit Card

Standard Chartered Unlimited Cashback Credit Card

Card Benefits

    • 3% cashback on all foreign currency spend (inclusive of the 1.5% cashback) for the 1st 3 months upon card approval
    • 1.5% cashback on all other eligible spend
    • No cashback cap and no minimum spend
    • Doubles up as your ez-link card with the EZ-Link facility enabled on it


    Pros and Cons of the SCB Unlimited Cashback Credit Card



    1.5% cashback on all spending, with no cashback cap and no minimum spending requirements.

    3% cashback on all foreign currency spending (inclusive of 1.5% base cashback rate).

    Promotion ends 31 Oct 2017.

    2 year annual fee waiver.

    Annual fee of $192.60.

    Sign-up bonus of $138 cashback for new cardholders.

    Promotion ends 30 Sep 2017. Existing SCB cardholders receive only $20 cashback.

    Entry-level minimum income requirement of $30,000.


    Why this card is a decent cashback card

    While the 1.5% cashback rate the card offers isn’t really super high, the card’s strength lies in how uncomplicated it is.

    If you decide to spend only $10 on your card one month, you still get the 1.5% cash rebates. It doesn’t matter what you use the card on, and you don’t have to worry if you’re using it in the right spending categories, as the 1.5% applies to practically everything (there are a few small exceptions, like taxes and EZ Link top-ups.)

    As a fuss-free, anything-goes card, this is as simple as it gets.


    How the card measures up to the competition

    While there are many cashback cards on the market, this card and Amex True Cashback were the only ones offering unlimited cashback up until recently. Maybank has entered the fray with the Maybank Barcelona Visa Card offering 1.6% unlimited cashback, but we’ll look at some of its older competitors here.

    • American Express True Cashback Card – These two cards are very similar and both offer 1.5% cashback. Amex True Cashback has the advantage of also offering 3% cashback during the first 6 months of card membership for your first $5,000 worth of spending. That means that if you spend $5,000 within those three months, you are getting a bonus of $75. But guess what? This still pales in comparison with the $138 sign-up bonus the SCB Unlimited Cashback Card is offering.
    • UOB One Card – This card gives more generous rebates on everything, but the main problem is that the minimum spending requirements are high, onerous (you need to hit the target every month in a quarter to qualify for rebates for that quarter) and confusing. If you’re looking for simplicity, avoid this card, unless you are consistently spending exactly $2,000 every month on a specific credit card.
    • Maybank Platinum Visa Card – Get up to 3.33% cashback on all local spending if you spend $300 each month in a quarter. You need to use this card at least once every three months to avoid being charged service fees. If you don’t mind a wee bit of responsibility and a reasonable minimum spending requirement, consider this card.

    Conclusion? For uncomplicated unlimited cashback, the SCB Unlimited Cashback Credit Card is one of the best, edging out Amex True Cashback Card if you are spending overases, at least until the sign-up bonus promotion ends on 31 Oct 2017.


    SCB Unlimited Cashback Credit Card income requirements

    Singaporeans & PRs: $30,000 p.a.
    Foreigners: $60,000 p.a.

    SCB Unlimited Cashback Credit Card Credit Card annual fee

    $192.60 (waived for two years)

    What is your favourite cashback credit card? Tell us in the comments!

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    Joanne Poh

    In my previous life, I was a property lawyer who spent most of my time struggling to get out of bed or stuck in peak hour traffic. These days, as a freelance commercial writer, I work in bed, on the beach, in parks and at cafes, all while being really frugal. I like helping other people save money so they can stop living lives they don't like.